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This week in Bitcoin – Feb 24th, 2020

February 24, 2020


Hi, I’m Nate Martin from 99Bitcoins.com and here’s what happened this week in Bitcoin. Decentralized loan service, bZx,
was hacked second time following a previous incident on Valentine’s Day, for a combined total of 3,581 ETH
(currently worth nearly a million Dollars). The hacker took out loans then manipulated
the price of the underlying cryptos in order to pay back less than they borrowed. Chinese crypto exchange, FCoin, published a statement in which they
announced the shutdown of their exchange. They admitted to a lack of funds
worth up to $130 million. FCoin blamed the loss on a combination
of data and decision errors. Analysis suggests the exchange’s issues
go back to its founding in July of 2018. Clifton Collins, an Irishman
convicted of drug trafficking, claims that the private keys to 6,000 BTC
worth $56 million were irretrievably lost. Collins claims that he split the amount up between several wallets, the private keys to which
he concealed inside a fishing rod that had been either stolen or
thrown away during confiscation. Whether or not his story is true,
it seems the court is unable to access the coins. 1,500 BTC and 6,000 BCH were hacked
from the founder of Dreamhost, Josh Jones. Jones originally posted the
story of the hack on Reddit, in which he claimed to be
the victim of a SIM swap hack, however his post was subsequently deleted. It’s disturbing that such an amount
was stored in insecure wallets vulnerable to a known angle of attack. Before we conclude,
this week’s “Bitcoin quick question” is: What is the Bitcoin halving event? The Bitcoin halving event
happens roughly every four years cutting the rewards given
to Bitcoin miners in half. The bitcoin mining reward initially started out at
50 Bitcoins with each mined block back in 2009. Every 210,000 blocks this reward is cut in half. The first halving happened in 2012,
the second in 2016 and in May of this year
the third halving will take place, reducing the mining reward to only
6.25 Bitcoins per each mined block. The halving was designed by Satoshi Nakamoto to keep Bitcoin’s inflation in check and since the halving basically cuts
the supply of new Bitcoins in half, many believe this event will have
a dramatic effect on Bitcoin’s price. If you want to learn more
about the upcoming halving event check out the link in the description. Have a question you want us to answer?
Just leave it in the comment section below. And if you want to support our videos,
consider using the Brave browser for faster, ad free browsing that can also earn you rewards. Just visit the link in the description below. That’s what happened this week in Bitcoin.
See you next week. If you’ve enjoyed this video,
leave us a thumbs up! And make sure to subscribe
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anywhere.

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8 Comments

  • Reply CrazyMalay February 24, 2020 at 6:07 am

    Oh yeah! Got here 5 minutes after this vid was released

  • Reply Bucky Streamz February 24, 2020 at 6:44 am

    these vids are so played out

  • Reply Ali Khalili February 24, 2020 at 7:56 am

    Hey Nate, Thanks for doing these videos. I was wondering if you ever consider doing reviews for new platforms (Passive Income) in the future. They seem to be popular and worth the time. That way, 99 Bitcoins can become an un-biased source of info. I'd like to help if I may. There's so much that can and should be done.

  • Reply 99Bitcoins February 24, 2020 at 8:17 am

    What question do you want us to answer in next week’s video?

  • Reply dr_loubitch February 24, 2020 at 2:03 pm

    👍

  • Reply brenda tucker February 24, 2020 at 5:39 pm

    been following for quite awhile. excellent reporting and teaching. thnx

  • Reply bruce marton February 24, 2020 at 5:48 pm

    Hi Nate. I watch most of your videos, so thank you. I have been following BTC prices for a few years and been wanting to buy BTC since after the high of $20K when it dropped to below$4k then back up to $14K and down to low $6k and now between $9-10K. Do you guys offer a course or have videos on exactly how to purchase it securely. Can it be done safely with just the use of a paper wallet to begin with and then using a hardware wallet or is it better to start off with a hardware wallet? I wonder when using a hardware wallet what is to stop the manufacturer from installing a bug in the wallet for their own future access to the wallet itself? Also I do some sports betting online and these sites offer to pay out winnings in BTC. Many gambling sites use BTC to payout. I was thinking this this might provide more of a private method of acquiring BTC than using a central exchange to purchase like Coinbase? But this would mean depositing cash into the online betting company (many off shore) and since I do bet and make money on professional boxing betting was thinking it might be a great way to acquire BTC without being recorded by a central exchange? Any of your opinions or incite would be welcome. Thanks and have a great day!

  • Reply Terry White February 24, 2020 at 7:29 pm

    You got to admire that Irish drug dealer's ingenuity. Not that I admire drug dealers per se – as far as I am concerned they should all be strung up at the nearest lamp post and left to rot.
    He obviously arranged for this 'break-in' to happen while he was in prison. He carefully laid all the groundwork so that it looks convincing to the authorities.
    It is a masterstroke – if you no longer have your private keys then you no longer own your crypto – it's as simple as that. And is something we should all duly note should the taxman come knocking.

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